Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

January 08, 2008 08:49 ET

Majescor and Azimut Receive Additional Encouraging Uranium Assays from South Rae, Nunavik, Quebec - Grades up to 0.65% U3O8 from Outcrops

MONTREAL, QUEBEC--(Marketwire - Jan. 8, 2008) - Majescor Resources Inc. ("Majescor") (TSX VENTURE:MAJ) and Azimut Exploration Inc. ("Azimut") (TSX VENTURE:AZM) continue to receive encouraging results from their summer 2007 exploration program at the South Rae property in Nunavik, northern Quebec. Additional grab samples from the main claim block returned the highest uranium grade to date (0.65% U3O8) and extended the northern anomalous uranium trend by an additional 600 m. Over the course of a 3-week ground prospecting survey, uranium mineralization was discovered along a 30 km-long prospective corridor within the main claim block, confirming the regional scale uranium potential of the property (please visit http://www.majescor.com/uranium-south-rae.htm for a map illustrating the anomalous corridor).

A preliminary evaluation of the airborne radiometric survey, which was flown after the ground prospecting survey was already completed, indicates that the strongest uranium targets have yet to be examined. A comprehensive prospecting, sampling and mapping program is currently being planned for the 1,049 km2 South Rae property to follow-up on the known mineralized trends as well as to evaluate all the uranium anomalies outlined from both the airborne radiometric survey and the detailed lake-bottom geochemical survey. The best ground prospects are scheduled to be drill-tested in 2008.

Assay results for all 128 rock samples collected at South Rae in 2007 include:

- 37 samples with values higher than 0.05% U3O8, including 18 samples with values above 0.1% U3O8

- 57 samples with values between 0.01% and 0.05% U3O8

- 34 samples with values less than 0.01% U3O8

The prospective corridor outlined on the property can be subdivided into three mineralized trends, including:

- an 8.5 km- long North trend with assays of 0.65% U3O8, 0.57% U3O8, 0.30% U3O8, 0.29% U3O8, 0.18% U3O8, 0.12% U3O8, 0.11% U3O8 and 0.10% U3O8

- a 6 km-long Central trend with assays of 0.50% U3O8, 0.30% U3O8, 0.23% U3O8, 0.22% U3O8, 0.19% U3O8, 0.17% U3O8, 0.14% U3O8, and 0.11% U3O8

- a 3 km-long South trend with assays of 0.43% U3O8, 0.18% U3O8 and 0.13% U3O8

Mineralized facies are pegmatitic dykes and granitic gneisses generally conformable to the regional foliation. Majescor and Azimut are targeting a Rossing-type, large tonnage, intrusion-related uranium deposits amenable to open pit mining.

This press release was approved by Zoran Madon, P.Geo., Majescor's Exploration Manager, acting as the "Qualified Person" for the Company under National Instrument 43-101. The rock samples were assayed at the Saskatchewan Research Council ("SRC") laboratory in Saskatoon, an ISO-IEC 17025 accredited facility. Majescor can acquire up to 65% interest in the property from Azimut by fulfilling its option agreement.

In other news, the Board of Directors has granted 1.83 million stock options to Officers, Directors, Employees and Consultants. Each stock option entitles the holder to subscribe for one common share of Majescor at a price of $0.15 per share for a five year period.

Majescor Resources is a dynamic and well funded exploration company with uranium properties in Quebec's Otish Mountains, two large uranium projects under option in the Nunavik district of northern Quebec, as well as a significant uranium interest in the Thelon Basin of Nunavut through its ownership position in Uranium World Energy Inc. In addition to uranium, Majescor has the largest portfolio of diamond properties in Quebec, as well as diamond projects in Nunavut and in Madagascar. Majescor has further diversified its property portfolio by recently acquiring gold and base metal properties in Quebec and in Madagascar.

The TSX Venture Exchange (TSX Venture) does not accept responsibility for adequacy or accuracy of this release

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